Interior abatement on the 110,743-sf two-story department storeis now under way. Nathan Wood, first vice president for CB RichardEllis in Dallas, tells GlobeSt.com the store, which is a raritybecause it has a basement, and connected parking garage will comedown at year's end or early 2009 to ready the land for the rebuild,the Shops at Camp Bowie. He's not discussing the all-in projectcost, but the property as it now stands is assessed at $2.25million and current construction prices for higher end retail havebeen topping $200 per sf in the region.

|

Wood and CBRE sales assistant Ryan Byrne will unveil the projectat October's ICSC convention in San Antonio. Armstrong's localbrokers, who also negotiated the acquisition, are in talks with abank for a 37,820-sf ground-leased pad site at the Hilldale Roadtraffic signal. The other pad site, 21,000 sf, at the RidgleaAvenue signal is reserved for a 7,500-sf restaurant to anchor theproject. If all goes as planned, the Shops at Camp Bowie will openin late summer or early fall 2009.

|

Wood says the preleasing pipeline would fill about 25% of theupcoming retail space. He estimates the 50% mark will be hit byyear's end. The shop quote is $30 per sf, triple net, andground-leased pads are $5.50 per sf, triple net.

|

[IMGCAP(2)]Armstrong took the deal across the finish line in 120days after other would-be buyers failed in bids to win the site,which went on the market shortly after the Stripling & Coxstore closed in midsummer 2007. RE Cox Realty Co. of Fort Worth wasthe only owner in the 46-year-old store's history.

|

"A couple groups ran at this unsuccessfully," Wood acknowledges."The attractiveness of this is how close it sits to the road.Everyone will have a front door on Camp Bowie." The deal was sealedin mid-September.

|

Camp Bowie Boulevard's retail corridor is an eclectic mix ofboutique shops and local restaurants surrounded by high-endresidential, both single family and multifamily. The broker sayit's been decades since any new retail has come on line althoughthere have been major renovations of existing centers along theheavily traveled thoroughfare.

|

The Southwest Fort Worth submarket has 9.5 million sf ofinventory and a 10% vacancy, which is 0.5% lower than the citywiderate and 0.75% higher than midyear 2007, according to Dallas-basedWeitzman Group. Class A shop rates average $24 per sf versus $22.50per sf for the Fort Worth market at large.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.